As ride-hailing and p2p lending face govt. scrutiny in China, a number of state-backed startups have entered those sectors increasing the pressure on incumbents (Financial Times)

Financial Times:
As ride-hailing and p2p lending face govt. scrutiny in China, a number of state-backed startups have entered those sectors increasing the pressure on incumbents  —  Technology start-ups in two of China's hottest sectors are facing a fresh rush of competition as state-backed rivals push into ride-hailing and peer-to-peer lending.